-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A24_Bilateral trust and director selection.log
  log type:  text
 opened on:  19 Feb 2026, 00:03:53

. 
. //PREPARE DATA
. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global sample = "eubmcode != 33 & haspat & year < 2012 & !nonUS & bitrustsample" //eubmcode 33 = US

. global cluster = "etheubmcode"

. 
. //PREPARE TABLE
. eststo clear

. * prepare data for columns (1)-(4)
. use "Director bilateral trust sample_nonUS.dta", clear

. *** construct director type indicators
. cap drop *dir

. gen newdir = year == DIR_firstyear_key & year != DIR_lastyear_key & year != termendyr

. gen leftdir = year == DIR_lastyear_key & year != termendyr & DIR_age < 75 //90th percentile in age at leaving board

. gen remdir = DIR_firstyear_key < termstartyr & DIR_lastyear_key >= termendyr

. bysort boardid ceoid termno directorid: egen NEWdir = max(newdir)

. bysort boardid ceoid termno directorid: egen LEFTdir = max(leftdir)

. bysort boardid ceoid termno directorid: egen REMdir = min(remdir)

. *** compute average trust by director type
. cap drop *dirtrust

. bysort boardid eubmcode ceoid year: egen tempnew = mean(DIR_bitrust) if newdir
(93,175 missing values generated)

. bysort boardid eubmcode ceoid year: egen newdirtrust = mean(tempnew)
(68,088 missing values generated)

. bysort boardid eubmcode ceoid year: egen tempstay = mean(DIR_bitrust) if newdir & !LEFTdir
(94,667 missing values generated)

. bysort boardid eubmcode ceoid year: egen staydirtrust = mean(tempstay)
(72,291 missing values generated)

. bysort boardid eubmcode ceoid year: egen templeft = mean(DIR_bitrust) if leftdir
(95,423 missing values generated)

. bysort boardid eubmcode ceoid year: egen leftdirtrust = mean(templeft)
(72,782 missing values generated)

. bysort boardid eubmcode ceoid year: egen tempmean = mean(DIR_bitrust)

. bysort boardid eubmcode ceoid year: egen meandirtrust = mean(tempmean)

. drop temp*

. 
. eststo col1: /// new directors
>         reghdfe DIR_bitrust bitrust ${firm} ${ceo} if ${sample} & newdir, ///
>         a(boardid eubmcode year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 13 iterations)
note: firmage is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =      8,877
Absorbing 3 HDFE groups                           F(   5,    242) =       5.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0001
                                                  R-squared       =     0.6844
                                                  Adj R-squared   =     0.6612
                                                  Within R-sq.    =     0.0035
Number of clusters (etheubmcode) =        243     Root MSE        =     0.1743

                          (Std. err. adjusted for 243 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
 DIR_bitrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |    .055101   .0144946     3.80   0.000     .0265493    .0836526
     firmage |          0  (omitted)
    firmage2 |   .0000341   .0000277     1.23   0.221    -.0000206    .0000887
         age |   .0033778   .0063701     0.53   0.596    -.0091702    .0159258
        age2 |  -.0000279   .0000593    -0.47   0.638    -.0001447    .0000889
      yrinco |   .0014691   .0005096     2.88   0.004     .0004652     .002473
       _cons |   2.395032   .1671095    14.33   0.000     2.065857    2.724206
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       568           0         568     |
    eubmcode |        27           1          26     |
        year |        12           1          11    ?|
-----------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "Non-US invs"

added macro:
             e(sample) : "Non-US invs"

.                 estadd local dirtrust   "Individual"

added macro:
           e(dirtrust) : "Individual"

.                 estadd local dirsample  "New dirs"

added macro:
          e(dirsample) : "New dirs"

.                 estadd local FE_F               "X"

added macro:
               e(FE_F) : "X"

.                 estadd local FE_IC              "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_Y               "X"

added macro:
               e(FE_Y) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |       8877       2702

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  2702

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       8877        568

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 568 added)

. eststo col2: /// new directors
>         reghdfe DIR_bitrust bitrust if ${sample} & newdir, ///
>         a(ceoid eubmcode boardid#year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =      8,877
Absorbing 3 HDFE groups                           F(   1,    242) =       8.60
Statistics robust to heteroskedasticity           Prob > F        =     0.0037
                                                  R-squared       =     0.7465
                                                  Adj R-squared   =     0.7034
                                                  Within R-sq.    =     0.0017
Number of clusters (etheubmcode) =        243     Root MSE        =     0.1630

                          (Std. err. adjusted for 243 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
 DIR_bitrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0443565   .0151231     2.93   0.004     .0145667    .0741463
       _cons |   2.579179   .0406418    63.46   0.000     2.499122    2.659236
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       658           0         658     |
       eubmcode |        27           1          26     |
   boardid#year |      1259         654         605    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "Non-US invs"

added macro:
             e(sample) : "Non-US invs"

.                 estadd local dirtrust   "Individual"

added macro:
           e(dirtrust) : "Individual"

.                 estadd local dirsample  "New dirs"

added macro:
          e(dirsample) : "New dirs"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |       8877       2702

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  2702

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       8877        568

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 568 added)

. egen tagbrdeubmceoyr = tag(boardid eubmcode ceoid year)

. eststo col3: /// all directors
>         reghdfe meandirtrust bitrust ${firm} ${ceo} if ${sample} & tagbrdeubmceoyr, ///
>         a(boardid eubmcode year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 9 iterations)

HDFE Linear regression                            Number of obs   =     22,938
Absorbing 3 HDFE groups                           F(   6,    252) =       3.74
Statistics robust to heteroskedasticity           Prob > F        =     0.0014
                                                  R-squared       =     0.8968
                                                  Adj R-squared   =     0.8933
                                                  Within R-sq.    =     0.0018
Number of clusters (etheubmcode) =        253     Root MSE        =     0.0860

                          (Std. err. adjusted for 253 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
meandirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0174689    .008773     1.99   0.048     .0001912    .0347466
     firmage |  -.0026363   .0009513    -2.77   0.006    -.0045097   -.0007628
    firmage2 |  -.0000123   7.80e-06    -1.57   0.117    -.0000276    3.08e-06
         age |   .0015079   .0032451     0.46   0.643    -.0048832    .0078989
        age2 |  -7.71e-06   .0000296    -0.26   0.795     -.000066    .0000506
      yrinco |  -.0002798   .0002508    -1.12   0.266    -.0007737     .000214
       _cons |   2.683231   .1011809    26.52   0.000     2.483963    2.882498
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       709           0         709     |
    eubmcode |        27           1          26     |
        year |        12           1          11    ?|
-----------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "Non-US invs"

added macro:
             e(sample) : "Non-US invs"

.                 estadd local dirtrust   "Average"

added macro:
           e(dirtrust) : "Average"

.                 estadd local dirsample  "All dirs"

added macro:
          e(dirsample) : "All dirs"

.                 estadd local FE_F               "X"

added macro:
               e(FE_F) : "X"

.                 estadd local FE_IC              "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_Y               "X"

added macro:
               e(FE_Y) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      22938       3332

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3332

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      22938        709

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 709 added)

. eststo col4: /// all directors
>         reghdfe meandirtrust bitrust if ${sample} & tagbrdeubmceoyr, ///
>         a(ceoid eubmcode boardid#year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     22,938
Absorbing 3 HDFE groups                           F(   1,    252) =       2.93
Statistics robust to heteroskedasticity           Prob > F        =     0.0883
                                                  R-squared       =     0.9124
                                                  Adj R-squared   =     0.8889
                                                  Within R-sq.    =     0.0013
Number of clusters (etheubmcode) =        253     Root MSE        =     0.0878

                          (Std. err. adjusted for 253 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
meandirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0196661   .0114938     1.71   0.088      -.00297    .0423022
       _cons |   2.650391   .0306426    86.49   0.000     2.590042    2.710739
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       900           0         900     |
       eubmcode |        27           1          26     |
   boardid#year |      4664         746        3918    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "Non-US invs"

added macro:
             e(sample) : "Non-US invs"

.                 estadd local dirtrust   "Average"

added macro:
           e(dirtrust) : "Average"

.                 estadd local dirsample  "All dirs"

added macro:
          e(dirsample) : "All dirs"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      22938       3332

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  3332

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      22938        709

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 709 added)

. 
. * prepare data for columns (5)-(8)
. use "Director bilateral trust sample_all.dta", clear

. *** construct director type indicators
. cap drop *dir

. gen newdir = year == DIR_firstyear_key & year != DIR_lastyear_key & year != termendyr

. gen leftdir = year == DIR_lastyear_key & year != termendyr & DIR_age < 75 //90th percentile in age at leaving board

. gen remdir = DIR_firstyear_key < termstartyr & DIR_lastyear_key >= termendyr

. bysort boardid ceoid termno directorid: egen NEWdir = max(newdir)

. bysort boardid ceoid termno directorid: egen LEFTdir = max(leftdir)

. bysort boardid ceoid termno directorid: egen REMdir = min(remdir)

. *** compute average trust by director type
. cap drop *dirtrust

. bysort boardid eubmcode ceoid year: egen tempnew = mean(DIR_bitrust) if newdir
(214,403 missing values generated)

. bysort boardid eubmcode ceoid year: egen newdirtrust = mean(tempnew)
(160,101 missing values generated)

. bysort boardid eubmcode ceoid year: egen tempstay = mean(DIR_bitrust) if newdir & !LEFTdir
(217,847 missing values generated)

. bysort boardid eubmcode ceoid year: egen staydirtrust = mean(tempstay)
(169,163 missing values generated)

. bysort boardid eubmcode ceoid year: egen templeft = mean(DIR_bitrust) if leftdir
(220,617 missing values generated)

. bysort boardid eubmcode ceoid year: egen leftdirtrust = mean(templeft)
(173,318 missing values generated)

. bysort boardid eubmcode ceoid year: egen tempmean = mean(DIR_bitrust)

. bysort boardid eubmcode ceoid year: egen meandirtrust = mean(tempmean)

. drop temp*

. 
. eststo col5: /// new directors
>         reghdfe DIR_bitrust bitrust ${firm} ${ceo} if ${sample} & newdir, ///
>         a(boardid eubmcode year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 12 iterations)
note: firmage is probably collinear with the fixed effects (all partialled-out values are close to zero; tol = 1.0e-09)

HDFE Linear regression                            Number of obs   =     20,757
Absorbing 3 HDFE groups                           F(   5,    291) =       9.35
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.6577
                                                  Adj R-squared   =     0.6399
                                                  Within R-sq.    =     0.0018
Number of clusters (etheubmcode) =        292     Root MSE        =     0.1860

                          (Std. err. adjusted for 292 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
 DIR_bitrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0315333   .0069217     4.56   0.000     .0179104    .0451562
     firmage |          0  (omitted)
    firmage2 |  -.0000127   .0000162    -0.78   0.435    -.0000446    .0000192
         age |  -.0027806   .0042244    -0.66   0.511    -.0110948    .0055337
        age2 |   .0000322    .000039     0.83   0.409    -.0000445    .0001089
      yrinco |   .0012946   .0003793     3.41   0.001     .0005481    .0020411
       _cons |   2.656218   .1087907    24.42   0.000     2.442102    2.870334
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |       984           0         984     |
    eubmcode |        27           1          26     |
        year |        12           1          11    ?|
-----------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "All invs"

added macro:
             e(sample) : "All invs"

.                 estadd local dirtrust   "Individual"

added macro:
           e(dirtrust) : "Individual"

.                 estadd local dirsample  "New dirs"

added macro:
          e(dirsample) : "New dirs"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      20757       6636

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  6636

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      20757        984

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 984 added)

. eststo col6: /// new directors
>         reghdfe DIR_bitrust bitrust if ${sample} & newdir, ///
>         a(ceoid eubmcode boardid#year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     20,757
Absorbing 3 HDFE groups                           F(   1,    291) =      19.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7122
                                                  Adj R-squared   =     0.6788
                                                  Within R-sq.    =     0.0008
Number of clusters (etheubmcode) =        292     Root MSE        =     0.1756

                          (Std. err. adjusted for 292 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
 DIR_bitrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0302236   .0069036     4.38   0.000     .0166363    .0438109
       _cons |   2.607291   .0186981   139.44   0.000     2.570491    2.644092
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1120           0        1120     |
       eubmcode |        27           1          26     |
   boardid#year |      2126        1116        1010    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "All invs"

added macro:
             e(sample) : "All invs"

.                 estadd local dirtrust   "Individual"

added macro:
           e(dirtrust) : "Individual"

.                 estadd local dirsample  "New dirs"

added macro:
          e(dirsample) : "New dirs"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      20757       6636

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  6636

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      20757        984

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 984 added)

. egen tagbrdeubmceoyr = tag(boardid eubmcode ceoid year)

. eststo col7: /// all directors
>         reghdfe meandirtrust bitrust ${firm} ${ceo} if ${sample} & tagbrdeubmceoyr, ///
>         a(boardid eubmcode year) cluster(${cluster}) keepsin    
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 9 iterations)

HDFE Linear regression                            Number of obs   =     56,022
Absorbing 3 HDFE groups                           F(   6,    303) =      14.80
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8651
                                                  Adj R-squared   =     0.8620
                                                  Within R-sq.    =     0.0027
Number of clusters (etheubmcode) =        304     Root MSE        =     0.1006

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
meandirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0277649   .0042675     6.51   0.000     .0193672    .0361626
     firmage |  -.0017299   .0009907    -1.75   0.082    -.0036794    .0002195
    firmage2 |  -.0000184   5.08e-06    -3.63   0.000    -.0000284   -8.43e-06
         age |  -.0017982   .0017666    -1.02   0.310    -.0052745    .0016781
        age2 |   .0000194   .0000161     1.21   0.228    -.0000122     .000051
      yrinco |  -.0001089   .0002379    -0.46   0.647    -.0005771    .0003592
       _cons |   2.713693   .0607048    44.70   0.000     2.594236    2.833149
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      1214           0        1214     |
    eubmcode |        27           1          26     |
        year |        12           1          11    ?|
-----------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "All invs"

added macro:
             e(sample) : "All invs"

.                 estadd local dirtrust   "Average"

added macro:
           e(dirtrust) : "Average"

.                 estadd local dirsample  "All dirs"

added macro:
          e(dirsample) : "All dirs"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56022       8175

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  8175

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56022       1214

.                 eststo col7, add(nofirms r(ndistinct))
(e(nofirms) = 1214 added)

. eststo col8: /// all directors
>         reghdfe meandirtrust bitrust if ${sample} & tagbrdeubmceoyr, ///
>         a(ceoid eubmcode boardid#year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 30 iterations)

HDFE Linear regression                            Number of obs   =     56,022
Absorbing 3 HDFE groups                           F(   1,    303) =      47.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.8804
                                                  Adj R-squared   =     0.8597
                                                  Within R-sq.    =     0.0029
Number of clusters (etheubmcode) =        304     Root MSE        =     0.1014

                          (Std. err. adjusted for 304 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
meandirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
     bitrust |   .0313522   .0045684     6.86   0.000     .0223623    .0403421
       _cons |   2.606343   .0122991   211.91   0.000     2.582141    2.630546
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1535           0        1535     |
       eubmcode |        27           1          26     |
   boardid#year |      7975        1270        6705    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

.                 estadd local sample     "All invs"

added macro:
             e(sample) : "All invs"

.                 estadd local dirtrust   "Average"

added macro:
           e(dirtrust) : "Average"

.                 estadd local dirsample  "All dirs"

added macro:
          e(dirsample) : "All dirs"

.                 estadd local FE_IC      "X"

added macro:
              e(FE_IC) : "X"

.                 estadd local FE_CEO     "X"

added macro:
             e(FE_CEO) : "X"

.                 estadd local FE_FxY     "X"

added macro:
             e(FE_FxY) : "X"

.                 distinct brdeubmcode if e(sample)

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      56022       8175

.                 estadd scalar nofirmxcntrys = r(ndistinct)

added scalar:
      e(nofirmxcntrys) =  8175

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      56022       1214

.                 eststo col8, add(nofirms r(ndistinct))
(e(nofirms) = 1214 added)

. 
. esttab /*using "Table A24_Bilateral trust and director selection.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(27) modelwidth(12) ///
>         mgroups("Director's bilateral trust", pattern(1 0 0 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(bitrust) coeflab(bitrust "CEO's bilateral trust") ///
>         stats(sample dirtrust dirsample FE_F FE_Y FE_IC FE_CEO FE_FxY N nofirmxcntrys nofirms, ///
>                 fmt(%9.0fc %9.0fc %9.0fc) ///
>                 lab("Bilateral trust sample" "Director trust measure" "Director sample" ///
>                         "Firm FEs" "Year FEs" "Inventor country FEs" "CEO FEs" "Firm $\times$ Year FEs" ///
>                         "Observations" "Firm $\times$ Inv country's" "Firms"))

-----------------------------------------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{8}{c}{Director's bilateral trust}                                                                                 
                                     (1)             (2)             (3)             (4)             (5)             (6)             (7)             (8)   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
CEO's bilateral trust              0.055***        0.044***        0.017**         0.020*          0.032***        0.030***        0.028***        0.031***
                                 (0.014)         (0.015)         (0.009)         (0.011)         (0.007)         (0.007)         (0.004)         (0.005)   
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Bilateral trust sample       Non-US invs     Non-US invs     Non-US invs     Non-US invs        All invs        All invs        All invs        All invs   
Director trust measure        Individual      Individual         Average         Average      Individual      Individual         Average         Average   
Director sample                 New dirs        New dirs        All dirs        All dirs        New dirs        New dirs        All dirs        All dirs   
Firm FEs                               X                               X                                                                                   
Year FEs                               X                               X                                                                                   
Inventor country FEs                   X               X               X               X                                                               X   
CEO FEs                                                X                               X                                                               X   
Firm $\times$ Year FEs                                 X                               X                                                               X   
Observations                       8,877           8,877          22,938          22,938          20,757          20,757          56,022          56,022   
Firm $\times$ Inv country's        2,702           2,702           3,332           3,332           6,636           6,636           8,175           8,175   
Firms                                568             568             709             709             984             984           1,214           1,214   
-----------------------------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
